活动现场，深圳市人民厚朴私募股权投资有限公司执行董事吕超围绕"当前资本市场带给文创企业的机遇与挑战"进行了主旨分享。 在吕超看来，"现在资本市场的发展，给各个文创企业带来了包括实现全球化、实现品牌发展、实现财富梦想的机会，但其中也面临诸多挑战。唯有修炼内 功、提升基础竞争力、尊重市场规则，才能真正讲好中国文创的故事。" 每经记者｜谢陶 每经编辑｜唐元 9月17日，以"文创天府·蓉耀未来"为主题的2025天府文创荟成都数字文创上市培育活动（北京站）在北京继续"上演"。20余家成都数字文创企业齐聚北京， 开启了一场围绕资本对接、产业对标与合作链接的零距离深度交流。 本次活动由中共成都市委宣传部指导，成都市文化产业发展促进中心主办，成都天府文创金融科技有限公司承办，中关村数字文化产业联盟、天府（四川） 联合股权交易中心、成都市文化金融服务中心、成都市天府文创股权投资基金管理公司支持。 图片来源：主办方供图 资本市场整体呈复苏态势 文创企业需结合新消费与新技术 首先，从经济复苏的角度来看，吕超指出，"A股、港股、美股基本都呈现复苏的态势，不过，这三者的步伐是有差别的，A股整体的复苏节奏较快，其次是 港股，从去年下半年 ...

Core Viewpoint - The article emphasizes the growing importance of stablecoins in the digital finance landscape, highlighting their advantages over traditional cryptocurrencies due to their price stability and regulatory compliance, which makes them increasingly integrated into the mainstream financial system [3][4][5]. Summary by Sections Current Status and Characteristics of Stablecoins - Stablecoins are digital assets based on blockchain technology that maintain price stability through a "anchoring mechanism" to fiat currencies. They have evolved from being used primarily in cryptocurrency exchanges to being integral in decentralized finance (DeFi) activities such as lending and staking, as well as in cross-border payments and trade settlements due to their fast settlement speeds and low transaction costs [5][6]. Development History of Stablecoins - The development of stablecoins has transitioned from exploration to regulation. The launch of USDT in 2014 marked the introduction of fiat-collateralized stablecoins, which quickly gained traction. The introduction of DAI in 2017 pioneered decentralized stablecoins. The demand for stablecoins surged during the DeFi boom in 2020, but the collapse of algorithmic stablecoin UST in 2022 raised regulatory concerns. Recent regulations, such as the U.S. GENIUS Act and Hong Kong's Stablecoin Regulation, have laid a foundation for compliant development [6][7]. Market Characteristics - The stablecoin market is characterized by concentration, with the total market cap exceeding $280 billion as of August 2025, where USDT holds about 60% market share. The majority of stablecoin transactions occur on major public blockchains like Ethereum, Tron, and Solana, with Ethereum alone accounting for over $137 billion in stablecoin market cap [7]. Technical Principles of Stablecoins - The stability and security of stablecoins rely on blockchain and smart contract technologies. They can be categorized into three types based on their anchoring mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins. Each type has distinct technical implementations, with fiat-collateralized stablecoins like USDT and USDC relying on off-chain reserves, while crypto-collateralized stablecoins like DAI use over-collateralization and automated liquidation mechanisms [10][11]. Trust Logic of Stablecoins - The core competitive advantage of stablecoins lies in trust, which is built on reliable anchoring and reserve mechanisms, verifiable technology, and regulatory frameworks. The trust in fiat-collateralized stablecoins is derived from the transparency and liquidity of their reserves, while crypto-collateralized stablecoins depend on over-collateralization and automated liquidation for stability. Algorithmic stablecoins face structural challenges due to their reliance on supply-demand algorithms without actual asset backing [15][16]. Challenges and Future Outlook - Stablecoins face challenges in regulatory technology, price stability, and governance. The lack of a global regulatory framework for stablecoins and blockchain transactions complicates compliance. Additionally, past incidents of reserve opacity have led to market instability. However, the future of stablecoins looks promising, with potential growth in cross-border payments and tokenization of real-world assets, supported by evolving regulatory environments and technological innovations [17][18][19].

Core Viewpoint - North Trust Source's stock has shown a significant increase in price and trading activity, indicating positive market sentiment despite a decline in revenue and profit for the first half of 2025 [1][2]. Company Overview - Beijing North Trust Source Software Co., Ltd. was established on May 28, 1996, and listed on September 12, 2012. The company specializes in the research, production, sales, and technical services of information security software products, serving key national industries such as government, military, finance, and energy [2]. - The revenue composition of North Trust Source includes 51.85% from software products, 22.30% from technical services, 16.47% from system integration, and 9.37% from other sources [2]. - The company is categorized under the computer software development industry, with concepts including digital currency, data elements, blockchain, smart governance, and Huawei Kunpeng [2]. Financial Performance - For the first half of 2025, North Trust Source reported an operating income of 108 million yuan, a year-on-year decrease of 53.72%, and a net profit attributable to shareholders of -97.11 million yuan, a decrease of 47.94% year-on-year [2]. - Since its A-share listing, North Trust Source has distributed a total of 117 million yuan in dividends, with no dividends paid in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders of North Trust Source increased to 100,200, up by 4.21% from the previous period, with an average of 12,744 circulating shares per person, a decrease of 4.04% [2]. - The top ten circulating shareholders include Southern CSI 1000 ETF, which holds 13.37 million shares, and Huaxia CSI 1000 ETF, holding 7.89 million shares, both showing increases in holdings compared to the previous period [3].

首席点评：黄金刷新历史高位 美国 8 月零售销售环比增 0.6%，连续三个月超预期增长，实际零售销售连续 11 个月增长。尽管经济面临挑战，但在薪资增长和股市财富效应支撑下，美国消费 者支出依然强劲，或将为美联储的降息决策带来新的考量。潘功胜指出，区块链 和分布式账本等新兴技术推动央行数字货币等发展，重塑传统支付体系，大幅缩 短跨境支付链条，同时也对全球金融监管和合作提出了挑战。对于快速扩张的加 密资产市场和气候风险相关的监管框架，全球监管协调不足，监管取向大幅摆动 并受过强的政治因素驱动。商务部等 9 部门发布《关于扩大服务消费的若干政策 措施》。措施提出，优化学生假期安排，完善配套政策。 重点品种：黄金、铜、原油 黄金：金银冲高回落。美国 8 月零售销售表现强劲，环比增长 0.6%，预估为 0.2%。 同比增长 2.1%，实现连续第 11 个月实现正增长。上周公布的 8 月 CPI 同比上涨 2.9%。核心通胀同比仍为 3.1%。8 月 PPI 环比意外下降 0.1%，预期为上涨 0.3%。 同比上涨 2.6%，低于市场预期的 3.3%，强化 9 月降息预期。本月多项数据显示 美国经济就业市场疲弱，尤其是 ...

Core Viewpoint - Nenghui Technology (301046) has signed a business cooperation agreement with Ant Group's Ant Digital Technology during the "2025 Inclusion Bund Conference" to collaborate on the application of "Energy AI Agents" in various industries [1] Group 1: Partnership Details - The collaboration will leverage Ant Digital's technological support in blockchain and AI, combined with Nenghui Technology's nearly 30 years of expertise in conventional power, grid, new energy, and charging and swapping fields [1] - The partnership aims to develop energy trusted devices, AI agents for new and conventional energy, charging and swapping services, intelligent computing, and smart operation and maintenance services [1] Group 2: Technical Support - Ant Digital will provide multiple professional technical supports through its energy technology subsidiary, including services for energy trusted devices, AI agent development for energy generation, and operational management services for charging and swapping [1] - Specific services include blockchain infrastructure setup, service interface activation, data on-chain business logic development, cross-chain interaction, and AI data annotation processing [1]

Core Viewpoint - Qianxun Technology (01640) has signed a non-binding memorandum of understanding for a potential acquisition of 100% equity in Web3 fintech company Punk Code Limited for no more than 25 million HKD, aiming to explore blockchain-based financial technology products [1] Group 1: Acquisition Details - The acquisition price for Punk Code Limited is set at a maximum of 25 million HKD [1] - Punk Code Limited is a Web3 fintech company founded in Hong Kong, with a founding team primarily from Tencent [1] Group 2: Strategic Implications - The board believes that the acquisition will enable the company to develop new business in the blockchain wallet application area, which is experiencing rapid global growth [1] - The acquisition is expected to expand the company's customer base and strengthen its leading position in the industry [1] - The board is confident that if the acquisition is realized, it will effectively enhance the company's core competitive barriers and create strategic leverage for long-term shareholder value enhancement [1]

Core Viewpoint - China Unicom's stock price has shown fluctuations, with a recent increase of 2.15% and a year-to-date rise of 8.61%, indicating a mixed performance in the market [1][2]. Financial Performance - As of June 30, 2025, China Unicom reported a revenue of 200.2 billion yuan, reflecting a year-on-year growth of 1.45%, and a net profit attributable to shareholders of 6.349 billion yuan, which is a 5.12% increase compared to the previous year [3]. - The company's main business revenue composition includes broadband and mobile data services (38.49%), data and other internet applications (27.48%), and sales of communication products (10.91%) [2]. Stock Market Activity - On September 17, 2023, China Unicom's stock traded at 5.70 yuan per share, with a total market capitalization of 178.207 billion yuan and a trading volume of 1.484 billion yuan [1]. - The stock has experienced a recent net outflow of 87.9167 million yuan from major funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 556,900, while the average circulating shares per person increased by 6.41% to 55,248 shares [3]. - The company has distributed a total of 35.536 billion yuan in dividends since its A-share listing, with 12.427 billion yuan distributed in the last three years [4]. Institutional Holdings - Major institutional shareholders include Hong Kong Central Clearing Limited, which holds 1.314 billion shares, and several ETFs such as Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF, which have increased their holdings [4].

Company Overview - Jinqiao Information Co., Ltd. is located in Xuhui District, Shanghai, established on August 17, 1994, and listed on May 28, 2015. The company specializes in smart scene solutions, smart building solutions, and big data and cloud platform services [1][2]. Financial Performance - For the first half of 2025, Jinqiao Information achieved operating revenue of 273 million yuan, representing a year-on-year growth of 50.65%. However, the net profit attributable to shareholders was -40.71 million yuan, an increase of 24.18% year-on-year [2]. - The company has distributed a total of 178 million yuan in dividends since its A-share listing, with 21.92 million yuan distributed over the past three years [3]. Stock Performance - As of September 17, Jinqiao Information's stock price increased by 2.03% to 18.64 yuan per share, with a total market capitalization of 6.811 billion yuan. The stock has risen 46.54% year-to-date [1]. - The stock has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on May 15, where it recorded a net buy of -82.28 million yuan [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 10.58% to 68,600, while the average circulating shares per person increased by 11.49% to 5,324 shares [2]. - Notable new institutional shareholders include FuGuo New Emerging Industries Stock A/B and HuaAn Media Internet Mixed A, among others [3]. Industry Classification - Jinqiao Information is classified under the computer-IT services sector, specifically in IT services III. It is associated with concepts such as data rights confirmation, smart governance, online education, blockchain, and cloud video [2].

机构持仓方面，截止2025年6月30日，金证股份十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股1917.40万股，相比上期减少112.81万股。南方中证1000ETF（512100）位居第八大流通股 东，持股612.15万股，相比上期增加116.10万股。华宝中证金融科技主题ETF（159851）位居第九大流 通股东，持股572.34万股，相比上期增加40.77万股。 责任编辑：小浪快报 截至6月30日，金证股份股东户数9.06万，较上期增加31.64%；人均流通股10446股，较上期减少 24.04%。2025年1月-6月，金证股份实现营业收入12.08亿元，同比减少48.55%；归母净利润-3883.38万 元，同比增长51.95%。 金证股份今年以来股价涨15.37%，近5个交易日涨0.96%，近20日跌1.58%，近60日涨8.10%。 分红方面，金证股份A股上市后累计派现5.18亿元。近三年，累计派现8316.95万元。 今年以来金证股份已经1次登上龙虎榜，最近一次登上龙虎榜为1月23日，当日龙虎榜净买入-7566.28万 元；买入总计1.19亿元 ，占总成交额比14.97%；卖出总 ...

Group 1 - The stock price of First Capital rose by 2.00% on September 17, reaching 8.16 CNY per share, with a trading volume of 5.55 billion CNY and a market capitalization of 34.292 billion CNY [1] - Year-to-date, the stock price has decreased by 1.52%, but it has increased by 4.35% in the last five trading days, 2.77% in the last twenty days, and 14.03% in the last sixty days [1] - The net inflow of main funds was 318,600 CNY, with large orders accounting for 19.86% of purchases and 21.17% of sales [1] Group 2 - First Capital Securities Co., Ltd. was established on January 12, 1998, and listed on May 11, 2016, with its main business including securities brokerage, financial advisory, underwriting, and asset management [2] - The revenue composition includes asset management and fund management (32.43%), securities brokerage and credit business (19.44%), fixed income business (18.29%), proprietary investment and trading (18.24%), investment banking (6.38%), and other businesses (4.52%) [2] - As of September 10, 2025, the number of shareholders was 251,500, a decrease of 2.65%, with an average of 16,711 circulating shares per person, an increase of 2.72% [2] Group 3 - Since its A-share listing, First Capital has distributed a total of 1.447 billion CNY in dividends, with 655.6 million CNY distributed in the last three years [3] Group 4 - As of June 30, 2025, the top ten circulating shareholders included the Guotai CSI All-Index Securities Company ETF, which held 64.8414 million shares, a decrease of 6.6767 million shares from the previous period [4] - The Southern CSI 500 ETF increased its holdings by 8.4939 million shares, holding 62.3711 million shares [4] - The Hong Kong Central Clearing Limited became a new shareholder, holding 37.1033 million shares [4]